Shiba Inu Price is Ready To Break The Downward Trend
News Reportz latest report on Shiba Inu Price and Evergrow Trends. Shiba Inu, the latest sensation in the Meme world, gained 40M% this year and is currently trading at 0.0008$. Shiba Inu is slowly gaining the traction it needs to push its boundaries above the red descending trend it has been heading for over two weeks. For over 10 days, we saw a bearish triangle that kept Shiba Inu’s price action on hold. If the bulls successfully break the current downward trend, we can expect a sudden ascend of SHIB price action and see its value heading to $0,0000490 and maybe even $0,00005690 in days to come.
Evergrow Coin Price is trading Sideway as the Early Investors profit taking seems to end. The newly launched crypto gained 115,000 holders in just 3 months crypto and recently distributed 30M$ in BUSD rewards and was currently trading at $0.0000008$ with a gain of 51000% from its all-time low, according to coinmarketcap. EverGrow introduced a unique concept of rewarding holders 8% from every transaction, including Buy & sell. The future for EverGrow price looks bright as the project recently announced the roadmap for 2022, which includes Binance chain-based NFT marketplace and NFT lending platform. The project ecosystem will also have a content subscription platform in Beta testing and EverGrow wallet and Exchange. What’s unique about the Exchange is that it will be the first Exchange that will support tokenomics of rewards-based tokens generating millions in daily volume on Binance chain. For 2022 Q1 and Q3, EverGrow roadmap also includes play-to-earn Games, which users can play by purchasing NFTs game characters.
Shiba Inu price is ready to break the downtrend as well. Bulls have been defending Shiba Inu’s price at $0,00003200 for a while now, and with the help of some more action, we expect an influx of buy orders and volume. This would probably cause Shiba Inu to test $0,00004490, its 61,8% Fibonacci level. At this point, we expect some profit-taking by Shiba Inu investors that arrived too late at the table and joined mid-rally. What also must be noted is that the 55-day Simple Moving Average at $0,0004765 will be a crucial point, at which SHIB might dip a bit in price. This will likely bring more bulls joining the party, which could lead to enough liquidity and action to push Shiba Inu’s price higher, probably towards its 50% Fibonacci level of $0,00005690.
Suppose the central bank divergence measurements discussed on Wednesday and Thursday will be negative. In that case, we could see a decrease in profit possibilities for SHIB traders, as the dog-token might drop towards its 78,6% Fibonacci level of $0,00002782 as a result. If, in this case, Bitcoin and other crypto’s would take a beating, SHIB might dip even lower, heading towards its 200-day SMA at $0,000020000, which could be a good moment for SHIB investors to buy some more tokens at a discount.
Overall the chances of SHIB rising in price over the next couple of days are more likely than the SHIB trend going downwards. However, Shiba Inu price is somewhat correlated to Bitcoin’s value. If this gets impacted by the central bank decisions next week, we see this reflected in SHIB’s trading price almost directly.
Looking at the on-chain metrics, we see 52% of all SHIB holders in the money at the current price and a concentration of 78% of large holders. This suggests that most SHIB investors will hold on to their coins and not be afraid of a downward trend. For this reason, relatively seen, only a little bit of price action is needed by the bulls to break the current SHIB downwards trend.
As for transaction traffic from exchanges, with over 14,38% of transactions being very bullish. It could already signal the price action for the gathering of bulls, ready to push SHIB’s price over the next few hours to come.
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PR, crypto, Memecoin, Shiba Inu (SHIB)Read More
OhNoCrypto
via https://www.ohnocrypto.com
, Khareem Sudlow
